Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced its financial results for the first half of the current year. Net profit totaled €10.7 million in the given period, increasing by 74.7 percent year on year.
The company's sales revenues increased by 5.2 percent year on year to €297.90 million in the first six months of the current year, with a significant increase in the sale of high value-added products for oil and gas exploration and extraction. Tubacex pointed out that this increase took place in a scenario in which the prices of raw materials were falling, especially nickel, the average price of which fell by 12 percent in the first half of the current year compared to the same period in 2012.
In the first half of this year, Tubacex's EBITDA amounted to €31.26 million, rising by 19.9 percent year on year. The company reduced its net debt by €31.58 million in the given period, supported by efforts to reduce working capital.